Tag: GOP tax cut for the richest

Republican Tax Plan is a Bad Deal for Working Families

The following column was written by State DFL Chair Ken Martin:

As Congress turns to tax reform, details surrounding the Republican tax plan remain blurry. But we know one thing for sure: The plan balances massive handouts for the wealthy on the backs of working Americans.

The Republican tax proposal is written by Wall Street, for Wall Street. Literally. President Donald Trump tapped two former Wall Street executives—Steven Mnuchin and Gary Cohn—to secretly craft a tax plan and force a partisan vote without the American people knowing how much they’ll be harmed. Continue reading “Republican Tax Plan is a Bad Deal for Working Families”

GOP-Trump Tax Framework Would Provide Richest One Percent in Minnesota with 62.2 Percent of the State’s Tax Cuts

The following article was posted on the Institute on Taxation and Economic Policy website October 4, 2017:

The “tax reform framework” released by the Trump administration and congressional Republican leaders on September 27 would not benefit everyone in Minnesota equally. The richest one percent of Minnesota residents would receive 62.2 percent of the tax cuts within the state under the framework in 2018. These households are projected to have an income of at least $632,000 next year. The framework would provide them an average tax cut of $65,780 in 2018, which would increase their income by an average of 2.5 percent.

The framework would particularly benefit those with incomes greater than $1 million. These households will make up just 0.7 percent of Minnesota’s population but would receive 55.2 percent of the tax cuts if the plan was in effect next year. This group would receive an average tax cut of $78,600 in 2018 alone, which would increase their income by an average of 2.8 percent. Continue reading “GOP-Trump Tax Framework Would Provide Richest One Percent in Minnesota with 62.2 Percent of the State’s Tax Cuts”